Spring 2013 issue of Horizons

North Sarah, developed by McCormack Baron Salazar in partnership with the St. Louis Housing Authority, includes a combination of 120 mixed-income townhomes and garden-style apartments. The complex also has 12,000 square feet of commercial, management and community space, which includes a small, locally owned, fresh food grocery store. Phase II is scheduled to be completed in March 2014 and will add an additional 103 units. Vincent R. Bennett, executive vice president and chief operating officer of MBS said, “Sustainability means a lot of things: reducing a building’s impact on the environment is just a piece of this. The sustainable features at North Sarah also include creating healthy living environments for our residents by reducing toxins and ensuring sufficient air flow. The community is walkable and connected to transit, keeping non-drivers like seniors and the disabled from becoming isolated. And, the fresh food grocery will provide healthy living choices that will sustain our residents in the long-term.” In addition to the new housing and commercial space, the development also generated significant economic benefits in the community by targeting construction jobs and contracts to disadvantaged businesses and workers. The total estimated investment of $49 million for the two phases will generate lasting impacts in the City of St. Louis and for the region and State:

approximately $6 million. This represents the sum of taxes on employee compensation, proprietor income, indirect business taxes, including property taxes, household income and corporations. *

∙ The annual total financial impact during the operation phase is $6 million. *

∙ During operations, the project is estimated to create and maintain 65 permanent jobs. *

∙ The annual tax impact generated by the operations phase of the project is approximately $1.03 million. *

Further, the development team has partnered with Urban Strategies, Inc. to engage residents of the community

Vincent R. Bennett is the executive vice president and chief operating officer of McCormack Baron Salazar, the developer for the North Sarah Apartment project. Photo courtesy of MBS.

and help lower- income residents follow viable, upwardly-mobile

career and life paths, by connecting them with health, financial, recreational, educational, employment and entrepreneurial resources and services. “This community is a manifestation of the St. Louis Housing Authority’s mission:

∙ The total financial impact of construction is $70.6 million over 3.5 years. *

to use physical housing development to catalyze holistic community revitalization,” explained St. Louis Housing Authority Executive Director Cheryl Lovell. “Everything in North Sarah, from the environmentally sustainable architecture to the inclusion of flexible live-work spaces to the structure of the human capital services is designed to support and enrich the lives of people from all walks of life, means, and abilities.”

∙ The project is estimated to create a total of 295 construction-related jobs during the 3.5 year construction period plus an additional 153 jobs will be created within supporting industries for a total of 448 jobs. *

∙ The annual tax impact generated by the construction phase of the project is

* Source: IMPLAN Economic Impact Report

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